How can I transfer my personal loan from HDFC Bank to other banks?

I had taken 2 different personal loans amounting 7.89 lakh rupees from HDFC Bank at the same time (in March 2024):
  • Normal Personal Loan @13% p. a.
  • Personal loan on credit card @15% p. a.
I want to transfer these loans for a better interest rate, reduce EMIs and to make all at one place.

  • I don't get salary slips from my company.
  • I am a remote employee of a foreign company.
  • My salary gets credited to HDFC BANK.
  • Current outstanding principal amt is 7.26 lakh rupees
Do I stand I chance to BP the loan?
 

TaxWiser

KF Mentor
I had taken 2 different personal loans amounting 7.89 lakh rupees from HDFC Bank at the same time (in March 2024):
  • Normal Personal Loan @13% p. a.
  • Personal loan on credit card @15% p. a.
I want to transfer these loans for a better interest rate, reduce EMIs and to make all at one place.

  • I don't get salary slips from my company.
  • I am a remote employee of a foreign company.
  • My salary gets credited to HDFC BANK.
  • Current outstanding principal amt is 7.26 lakh rupees
Do I stand I chance to BP the loan?
Given your situation, you might have a good chance to transfer your personal loans to a better interest rate through a balance transfer (BT). Here are some key points to consider:

Eligibility for Balance Transfer
  1. Employment and Income: Since your salary is credited to HDFC Bank, this can work in your favor. Even though you don't get salary slips, the consistent salary credits can serve as proof of income.
  2. Credit Score: Ensure your credit score is good, as this will significantly impact your eligibility for a balance transfer.
  3. Current Outstanding: With a current outstanding principal of ₹7.26 lakh, you can approach HDFC Bank or other banks for a balance transfer.
Steps to Transfer Your Loan
  1. Check Eligibility: Confirm your eligibility for a balance transfer with HDFC Bank or other banks. You can use online calculators to see potential savings.
  2. Compare Offers: Look for banks offering lower interest rates than your current rates (13% and 15%). HDFC Bank, for instance, offers competitive rates for balance transfers.
  3. Apply for Balance Transfer: Once you find a suitable offer, apply for the balance transfer. You might need to provide bank statements showing your salary credits as proof of income.
  4. Consolidate Loans: If approved, the new bank will pay off your existing loans, and you will start paying EMIs to the new bank at the lower interest rate.
Benefits of Balance Transfer
  • Lower Interest Rates: Reduces your overall interest burden.
  • Reduced EMIs: Helps in managing your monthly cash flow better.
  • Single EMI: Simplifies your repayment process by consolidating multiple loans into one.
Additional Tips
  • Maintain a Good Credit Score: Ensure timely payments to keep your credit score high.
  • Negotiate Terms: Try to negotiate better terms with the new lender, such as lower processing fees or flexible repayment options.
Conclusion
You have a good chance of successfully transferring your loans for better terms, given your consistent salary credits and the potential for lower interest rates. Make sure to compare offers and choose the one that best suits your financial needs. 🤗

(Source: Conversation with Gemini AI)
 
I had taken 2 different personal loans amounting 7.89 lakh rupees from HDFC Bank at the same time (in March 2024):
  • Normal Personal Loan @13% p. a.
  • Personal loan on credit card @15% p. a.
I want to transfer these loans for a better interest rate, reduce EMIs and to make all at one place.

  • I don't get salary slips from my company.
  • I am a remote employee of a foreign company.
  • My salary gets credited to HDFC BANK.
  • Current outstanding principal amt is 7.26 lakh rupees
Do I stand I chance to BP the loan?
the processing fee for an HDFC personal loan balance transfer is just 999 rupees and its flat.
You can apply for this facility online by visiting the official website of HDFC bank.
U will only have to enter your basic personal details, contact details and income details.
 

abhimarda

KF Mentor
I had taken 2 different personal loans amounting 7.89 lakh rupees from HDFC Bank at the same time (in March 2024):
  • Normal Personal Loan @13% p. a.
  • Personal loan on credit card @15% p. a.
I want to transfer these loans for a better interest rate, reduce EMIs and to make all at one place.

  • I don't get salary slips from my company.
  • I am a remote employee of a foreign company.
  • My salary gets credited to HDFC BANK.
  • Current outstanding principal amt is 7.26 lakh rupees
Do I stand I chance to BP the loan?
Do you get Form 16? And is this an MNC firm or a foreign company paying you in foreign currency? Since your salary is getting g credited to HDFC, hence they have given you such loan, else it would have been difficult from other bank as the employment and salary verification can't be done. Salary verification is done by matching the salary slips with bank credits. The office address can't be verified either by a visit as the company is not in India. Getting it from a bank may be difficult and only if they consider the 6 months track record very strongly then it may be possible as banks see such foreign company's hire and fire policy very warily. But you may try your luck by first telling your whole situation to bank before formally applying.
 

pirya agarwal

KF Rookie
I had taken 2 different personal loans amounting 7.89 lakh rupees from HDFC Bank at the same time (in March 2024):
  • Normal Personal Loan @13% p. a.
  • Personal loan on credit card @15% p. a.
I want to transfer these loans for a better interest rate, reduce EMIs and to make all at one place.

  • I don't get salary slips from my company.
  • I am a remote employee of a foreign company.
  • My salary gets credited to HDFC BANK.
  • Current outstanding principal amt is 7.26 lakh rupees
Do I stand I chance to BP the loan?
if u want to merge both running loan in one bank and if u not require more amount u can take topup from hdfc so that ur forclosing charge will also save ..for more contact share queries.
 
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